Exhibit 21



NATIONWIDE FINANCIAL SERVICES, INC. AND SUBSIDIARIES



Subsidiaries of the Registrant



As of December 31, 2004



The following list includes subsidiaries of Nationwide Financial Services, Inc. Subsidiaries of subsidiaries are indicated by indentations. All
subsidiaries are wholly owned unless otherwise indicated.



|                                                                   |  |                                     
|------------------------------------------------------------------ |  | ------------------------------------
|Subsidiary                                                         |  | State ofIncorporation orOrganization
|Nationwide Life Insurance Company                                  |  | Ohio                                
|Nationwide Life and Annuity Insurance Company                      |  | Ohio                                
|Nationwide Investment Services Corporation                         |  | Oklahoma                            
|Nationwide Financial Assignment Company                            |  | Ohio                                
|Nationwide Community Development Corporation, LLC (67% owned)      |  | Ohio                                
|Nationwide Properties, Ltd. (98% owned)                            |  | Ohio                                
|Nationwide Affordable Housing, LLC (45% owned)                     |  | Ohio                                
|Life REO Holdings LLC                                              |  | Ohio                                
|Gardiner Point Hospitality LLC                                     |  | Ohio                                
|Nationwide Life Insurance Company of America                       |  | Pennsylvania                        
|Nationwide Life and Annuity Company of America                     |  | Delaware                            
|Nationwide Life Insurance Company of Delaware                      |  | Delaware                            
|Nationwide Provident Holding Company                               |  | Pennsylvania                        
|Four P Finance Company                                             |  | Pennsylvania                        
|Nationwide Provident Distributors, Inc.                            |  | Delaware                            
|Delfi Realty Corporation                                           |  | Delaware                            
|Institutional Concepts, Inc.                                       |  | New York                            
|1717 Capital Management Company                                    |  | Pennsylvania                        
|Washington Square Administrative Services, Inc.                    |  | Pennsylvania                        
|Software Development Corp.                                         |  | Delaware                            
|RF Advisers, Inc.                                                  |  | Pennsylvania                        
|PNAM, Inc.                                                         |  | Delaware                            
|Provestco, Inc.                                                    |  | Delaware                            
|                                                                   | 
|RCMD Financial Services, Inc.                                      |  | Delaware                            
|1717 Advisory Services, Inc.                                       |  | Pennsylvania                        
|1717 Brokerage Services, Inc.                                      |  | Pennsylvania                        
|1717 Insurance Agency of Massachusetts, Inc.                       |  | Massachusetts                       
|Nationwide Financial Services Capital Trust                        |  | Delaware                            
|Nationwide Financial Services (Bermuda), LTD                       |  | Bermuda                             
|NFSB Investments, LTD                                              |  | Bermuda                             
|Nationwide Trust Company, FSB                                      |  | FederalIncorporation                
|Nationwide Financial Services Capital Trust II                     |  | Delaware                            
|Nationwide Financial Structured Products, LLC                      |  |                                     
|TBG Insurance Services Corporation d/b/a TBG Financial (63% owned) |  | California                          
|TBG Advisory Services Corporation                                  |  | California                          
|TBG Aviation, LLC                                                  |  | California                          
|TBG Danco Insurance Company                                        |  | California                          
|TBG Financial & Insurance Services Corporation                     |  | California                          
|TBG Financial and Insurance Services Corporation of Hawaii         |  | Hawaii                              
|William J. Lynch & Associates, Inc.                                |  | California                          
|Cap Pro Holding, Inc. (63% owned)                                  |  | Delaware                            
|Capital Professional Advisors, Inc.                                |  | Delaware                            
|Cap Pro Brokerage Services, Inc.                                   |  | Delaware                            
|Cap Pro Advisory Services, Inc.                                    |  | Delaware                            
|Cap Pro Insurance Agency Services, Inc.                            |  | Delaware                            
|NF Reinsurance Ltd.                                                |  | Bermuda                             



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|                                                                                      |  |                                     
|------------------------------------------------------------------------------------- |  | ------------------------------------
|Subsidiary                                                                            |  | State ofIncorporation orOrganization
|NFS Distributors, Inc.                                                                |  | Delaware                            
|Nationwide Retirement Solutions, Inc.                                                 |  | Delaware                            
|Nationwide Retirement Solutions, Inc. of Alabama                                      |  | Alabama                             
|Nationwide Retirement Solutions, Inc. of Arizona                                      |  | Arizona                             
|Nationwide Retirement Solutions, Inc. of Arkansas                                     |  | Arkansas                            
|Nationwide Retirement Solutions, Inc. of Montana                                      |  | Montana                             
|Nationwide Retirement Solutions, Inc. of Nevada                                       |  | Nevada                              
|Nationwide Retirement Solutions, Inc. of New Mexico                                   |  | New Mexico                          
|Nationwide Retirement Solutions, Inc. of South Dakota                                 |  | South Dakota                        
|Nationwide Retirement Solutions, Inc. of Wyoming                                      |  | Wyoming                             
|Nationwide Retirement Solutions Insurance Agency, Inc.                                |  | Massachusetts                       
|Nationwide Retirement Solutions, Inc. of Ohio                                         |  | Ohio                                
|Nationwide Retirement Solutions, Inc. of Oklahoma                                     |  | Oklahoma                            
|Nationwide Retirement Solutions, Inc. of Texas                                        |  | Texas                               
|Nationwide Financial Institution Distributors Agency, Inc.                            |  | Delaware                            
|Affiliate Agency, Inc.                                                                |  | Delaware                            
|Affiliate Agency of Ohio, Inc.                                                        |  | Ohio                                
|Financial Horizons Distributors Agency of Alabama, Inc.                               |  | Alabama                             
|                                                                                      | 
|Nationwide Financial Institution Distributors Insurance Agency, Inc. of Massachusetts |  | Massachusetts                       
|Nationwide Financial Institution Distributors Insurance Agency, Inc. of New Mexico    |  | New Mexico                          
|Financial Horizons Distributors Agency of Ohio, Inc.                                  |  | Ohio                                
|National Deferred Compensation, Inc.                                                  |  | Ohio                                
|The 401(k) Companies, Inc.                                                            |  | Texas                               
|401(k) Investment Services, Inc.                                                      |  | Texas                               
|401(k) Investment Advisors, Inc.                                                      |  | Texas                               
|The 401(k) Company                                                                    |  | Texas                               
|Pension Associates, Inc.                                                              |  | Wisconsin                           



All business
operations of Nationwide Financial Services, Inc. and all of its subsidiaries are conducted using each companys legally registered name, except for TBG Insurance Services Corporation d/b/a TBG Financial.